Dhaka, Bangladesh (BBN)– Beximco, a leading business group, has said it plans to ‘acquire’ four non-listed subsidiaries of Beximco Group, and buy lands and buildings of another.
Beximco Group’s flagship company, Beximco, will issue around 1.65 ordinary shares of BDT 10 each amounting to BDT 1.65 million for the acquisition.
The announcement of the company was posted on the website of Dhaka Stock Exchange on Sunday.
The Board of Directors of the listed firm approved the issuance of the ordinary shares to acquire all shares of International Knitwear and Apparels Ltd, Beximco Fashions Ltd, Crescent Fashion and Design Ltd and Freshtex Bangladesh (Pvt) Ltd.
It also aims to buy the lands and buildings of Beximco Engineering Ltd, including BEL Tower.
All the companies are the subsidiaries of Beximco Group.
The acquisition, however, is subjected to the approval of the shareholders in an extra-general meeting on September 15 at Beximco Industrial Park in Gazipur. The record date for the meeting is August 25.
The board of Beximco also decided to increase its authorized capital from BDT 5.0 billin to BDT 10 billion. Existing paid-up capital of the company is BDT 3.5550 billion.
BBN/SSR/AD-15Aug11-1:34 pm (BST)
